We are Heading for a Protectionist World - Tariffs Will Return!

More jobs for the US economy.

Globalization has failed. Countries are distinct cultures. Working life may be the same, but the values people live by are much different, particularly in regards to religion. Jobs have been lost in developed countries as so called developing countries keep labor costs down by manipulating their currencies and not giving their workers social welfare support.

Americans want jobs

A case in point is Australia's compulsory superannuation. This was a silly idea to begin with as companies went to the wall and workers lost all their super. This is a cost burden on wage costs. Employees must live now, so wages rose to leave enough current spending after paying in superannuation. This is seldom mentioned by economists let alone governments. Developing countries do not have this cost burden.

No wonder Donald Trump is supported by a large slice of the American population. He promises to put up trade barriers to create jobs at home. His revolutionary tax cuts would see the US plunged into a state much like developing countries, where people would have to pay the full cost of medical treatment. While health care is held to be mainly privately funded it receives more cash help from the government per head of population than "free" systems such as the UK and Australia.

Because of lower tax revenue, funding for schools would also be reduced. Trump's system would obviously favor the already wealthy who choose to pay private anyway. However, the ordinary person wants work. Missing out on social benefits is an afterthought.